Getting a loan to increase credit score

[Ted Nguyen]

Hi, I am new here and I am just wondering about getting a loan in order to improve my credit score (currently at ~700). I have 7 open credit cards with AAoA of 4 months so my credit file is pretty thin. Thus I am wondering about the efficacy of getting a small personal loan to diversify my credit lines in order to improve my credit score. I've read online about this and the consensus seems to be against it. I still wonder what you guys think. (I have a car and am renting so I won't get an auto loan or a mortgage any time soon). Cheers and thanks for answering.

 

[Someone]

Can you cash-out refinance a car? Not a title loan, you'd need a real bank loan on it. Supposedly a paid car loan helps, though I have no idea how much.